The Financial Intelligence Analysis Unit (FIAU) has issued a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (CISs) and related Service Providers.
Collective Investment Schemes (CISs) within the EEA are subject to anti-money laundering and counter-financing of terrorism (AML/CFT) obligations, even though they primarily collect funds from various investors to invest in securities. This document provides guidance on how CISs and their service providers can comply with these obligations. It outlines the main ML/FT risks associated with CISs and addresses specific challenges they face in meeting AML/CFT requirements. The procedures are complementary to existing regulations and come into effect six months after their official publication. They emphasize the need for a comprehensive assessment of risks and consider various risk factors, particularly when dealing with politically exposed persons (PEPs) and foreign CISs.